The 0.5% increase will come into effect on 6 January.

The 2023 annual return has been updated in response to sector feedback.

Tax receipts were down by £5.3 billion compared to October 2022.

The budget will be accompanied by a forecast from the OBR.

The scheme is set to end just over a year after its launch.

The decision follows weeks of urgent calls from industry leaders.

The delay will give businesses more time to adapt.

Businesses have less than two months to apply for the programme.

MPC votes 6-3 to increase the rate by 0.5%.

The annual inflation rate reduced by 0.4% in the past month.